There’s no doubt about it. Home sales in the Million dollar range are few and far between. In today’s market, the big winners are closing between the $200K and $300K range, and rightly so. There is so much opportunity right now to invest in real estate that if you don’t get into the game now, you are nuts. Of course, if you can’t get into the game, that’s a different story. For that, you’ll need patience.
The following is a quick graph of Scottsdale Arizona’s Million Dollar Real Estate Trend:
While the trend is similar, reflecting the ebb and flow of the market, and the downturn in our economy, the number of homes being sold in the lower price range is far greater, which is outlined below:
For agents, knowing this could change your business focus. REO and Short Sale listings are the bulk of the market right now. Over the past few months, the number of pending sales have increased. This means that in the next few weeks/months we are going to see an inevitable spike in the number of homes that have sold.
These numbers are based on ARMLS data and are for Single Family Detached homes in the City of Scottsdale only. The data shown is not guaranteed to be 100% accurate.